There has been a lot of media attention about the historically low-interest rates. When interest rates drop, as they have, many choose that as an ideal time to refinance their home. However, Brooks Hiller owner of Heritage Mortgage in Dayton said just because rates are low does not necessarily mean refinancing your home is right for you. Mr. Hiller said a good rule of thumb is to calculate the cost to refinance and compare it to the amount you will save with the lower interest rate.

He said once you have compared them if in 36 months you have not recouped the cost for refinancing you are probably better off not to do it.

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